Paylocity (NASDAQ:PCTY) Stock Rating Upgraded by Jefferies Financial Group

Paylocity (NASDAQ:PCTY) was upgraded by investment analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a report issued on Tuesday, Marketbeat reports. The firm presently has a $200.00 price target on the software maker’s stock, up from their prior price target of $145.00. Jefferies Financial Group’s target price would suggest a potential upside of 15.50% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. KeyCorp lifted their price target on Paylocity from $171.00 to $182.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Mizuho boosted their target price on shares of Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Needham & Company LLC reissued a “buy” rating and set a $200.00 price target on shares of Paylocity in a research note on Thursday, October 17th. Truist Financial dropped their price objective on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, BTIG Research reduced their price objective on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and an average price target of $186.07.

Paylocity Trading Down 1.1 %

PCTY stock opened at $173.16 on Tuesday. Paylocity has a 1-year low of $129.94 and a 1-year high of $194.65. The business’s 50 day moving average is $162.18 and its 200-day moving average is $154.50. The firm has a market cap of $9.62 billion, a P/E ratio of 47.57, a P/E/G ratio of 4.17 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.19. The business had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 EPS. Sell-side analysts forecast that Paylocity will post 4.51 EPS for the current year.

Insider Buying and Selling

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the sale, the senior vice president now owns 39,764 shares in the company, valued at $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 22.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Paylocity

Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of Paylocity by 240.7% in the fourth quarter. Wellington Management Group LLP now owns 41,525 shares of the software maker’s stock valued at $6,845,000 after acquiring an additional 29,338 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after purchasing an additional 78 shares during the period. Park Avenue Securities LLC grew its position in shares of Paylocity by 3.5% during the 1st quarter. Park Avenue Securities LLC now owns 5,098 shares of the software maker’s stock worth $876,000 after purchasing an additional 173 shares in the last quarter. State of Michigan Retirement System increased its holdings in shares of Paylocity by 2.9% during the first quarter. State of Michigan Retirement System now owns 10,672 shares of the software maker’s stock worth $1,834,000 after purchasing an additional 300 shares during the period. Finally, Wasatch Advisors LP raised its position in shares of Paylocity by 35.0% in the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after buying an additional 621,946 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.